Ok so they aren't all questions, some are valid points, but please reach out at kerrie@knpm.com.au if you have other queries not addressed here.
This is probably the biggest misconception in property management hence why it's first on the list. All it takes is the landlord's authority, complete with signature for KNPM to take over as property manager. I'll do the rest including liasing with your existing agency. All information will have transferred over within a couple of days of authorisation.
Not at all. I aim to make the transition as smooth as possible and that will include contacting your tenants and building a great relationship with them. Nothing will change in terms of lease and your tenants will simply have to update the account they pay their rent into; a 10 second task now with how easy banking apps are to use. Chances are your landlord has some issues with your existing property manager so they'll be pleasantly surprised with the communicatation style here at KNPM.
Well that's concerning. If a property management agency, complete with overheads and wages can afford to offer free property management for 6 months it begs the question where else are they making their money. I would suggest asking them for a full run down on their fee structure.
As I am the business owner and principal property manager I operate a full service model at KNPM. That means the only communication you receive is from me, Kerrie Norris. I manage your property, communicate with your tenants, and look after all the financial aspects of your property portfolio as though it was my own.
I have a flat fee of 9.35% inc. GST of rental income for property management services and monthly administration fee of $11. Lease negotiation is 50% of weekly rent (plus GST). Inspections and financial statements are included as standard. Any mediation/tribunal I need to attend will be charged at $88 per hour inc. GST. That is all you will pay. All maintenance, repairs, smoke alarm compliance works is at cost. At KNPM I do not generate income from maintenance work mark ups or otherwise.
As soon as the tenant is 5 days in arrears I will call and check everything is ok. In 90% of cases rent arrears can be sorted out in the first phone call. In rare circumstances, if the tenant is still in arrears after 8 days, a notice to remedy breach is served, this is usually by email but can be in person dependent on the circumstances. If it still isn't remedied after 8 days from it being received the tenant will receive a notice to leave. After another 8 days court paperwork is lodged. The courts will advise the next step to take in the process.
There are a number of reasons why a landlord would look to change property manager. If there is high turnover at your existing agency it can be inconvenient to yet again build rapport with a new manager. A new property manager will need learn to text if it's urgent, don't call on Wednesday mornings, don't email if a response is required etc. and once they've got the hang of it, you will get a new new property manager and start the process again. Another reason might be lack of tranparency, with fees, procedure, or information about your property. There are challenging aspects of property management and it's a landlord's right to be fully informed. Providing lip service and telling you 'what you want to hear' is most definitely NOT what is best for you and your property.
Managing your own property does have pitfalls. You may not be getting all the tax benefits or, on the flip side, you may be leaving yourself open to risks. If the situation changes and you no longer have the time to dedicate to your managing your property here in Townsville, give me a call.
If you are happy with your property management agency, then stick with them. If you find you are being passed around from property manager to property manager and things aren't running as smoothly as they ought to, give me a call.
Give me a call to chat about your investment property or I can arrange to come see you.
Mon | 09:00 am – 05:00 pm | |
Tue | 09:00 am – 05:00 pm | |
Wed | 09:00 am – 05:00 pm | |
Thu | 09:00 am – 05:00 pm | |
Fri | 09:00 am – 05:00 pm | |
Sat | Closed | |
Sun | Closed |
Words by Red Copy
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